The past six months have been a serious challenge to most business models and no less so the world of the broker. Although the broker model has evolved immensely over the past decade, face to face interaction, advice and continuous prospecting are all still major parts of broker business. Continuous improvement and evolving of the broker model is essential and insurer support goes a long way to staying ahead.
Renasa has taken the honors in the FIA Intermediary Experience Awards, in both Personal and Commercial Lines, for the past few years which makes them a good candidate to talk to for a feel of what supporting the broker really means.
The Broker’s Best Friend is Renasa’s war cry and I had the privilege to chat to Michael Clack, General Manager Business Development, about their strategy to deliver on this. Michael started off by saying that the role of the broker is not single faceted. Solid and sound advice based on strong compliance is the foundation and finding the right markets to insure your clients risk, follows from there. It is far more than just having a nice office and selling products. Good risk selection and technology support are essential for brokers to deliver on their value proposition. Encapsulate this with an environment where every action throughout the whole business and value chain is embedded in a culture of treating customers fairly, and you have a winning formula.